ONGC to raise Rs 27,000 cr for funding projects

State-run ONGC today said it will borrow about Rs 27,000 crore over next three to four years to fund its projects, its chairman R S Sharma said.

The company has already received a Rs 8,500 crore commitment for the petro chemical project at Dahej in Gujarat and another Rs 3,500 crore have been tied up for the power plant at Tripura, Sharma said.

The company will meet another Rs 6,000 crore for expansion of its Mangalore Refinery and additional Rs 4,000 crore for Mangalore SEZ he said.

Besides, ONGC Videsh, the company's overseas arm, will need Rs 5,000 crore by January 2010 to repay the bridge loan it had taken for the acquisition of Imperial Energy.

"We will borrow these over project implementation period which is next three to four years," Sharma said.

Sharma said the company had not yet decided on the mode of borrowing --domestic or overseas -that would be resorted for the repayment of OVL bridge loan.